He also said that the government hopes to roll out the Goods and Service Tax (GST) next year.

Renewing government's commitment to creating favourable conditions for business and industry, Modi said: "Never before is India so well prepared to absorb talent, technology and investment from outside."

"We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016," Modi said at the Indo-German Summit here, sharing the dais with German Chancellor Angela Merkel. She is on a three-day visit to the country.

The GST bill is facing hurdles in the opposition dominated Rajya Sabha despite an aggressive push by the government for its passage.

At the Summit attended by the who's is who of the India Inc, particularly the IT sector, Modi also said India is committed to protecting Intellectual Property Rights of all innovators and entrepreneurs.

A comprehensive National IPR Policy is being finalised, he said, adding that it will be "progressive and forward looking".

"Such a huge potential for creation and production will not be available in any one country," the Prime Minister said as he spoke of the slew of steps taken by the government to ensure ease of doing business.

Modi said across the board the validity period of Industrial Licences had been increased and regulatory clearances including security and environmental expedited.

"We have taken very decisive steps to remove a number of long pending concerns of investors," he said.

Government, Modi said, has fast-tracked approvals and clearances for industry as well as the infrastructure sector and is committed to creating favourable conditions for business.

India is sailing in the right direction but could not be complacent, he said, adding that it presented a "bright spot" for investment when the world is facing a slowdown.

On Indo-German business ties, Modi said they remain below full the economic potential and India wants to develop relationship with Germany in various sectors.

"It is the software of India that will move the hardware of the world," Modi sought to emphasise at the "Indo-German Summit 2015: Digitizing Tomorrow Together."

Five B2B (business-to-business) agreements were exchanged in the presence of Modi and Merkel at the event.

Merkel said she and Modi are working together for reform of the UN Security Council through the G4 - Brazil, Germany, India, and Japan which support each other's bids for permanent seats on the UN body.

Merkel said she and Modi would meet again in November at the G-20 summit. She said while India needs high skilled jobs, Germany requires high skilled labour.

German engineering and India's IT expertise are fused here in Bengaluru, said Merkel.

The Prime Minister hosted a special lunch for Merkel with leading Indian CEOs at the summit, organised by National Association of Software and Services Companies (Nasscom) - in collaboration with the German Fraunhofer Institute.

Earlier, Modi and Merkel visited the facilities of German automotive major Bosch here, as part of the chancellor's three-day state visit to India, with focus on innovation and skills development.

To further strengthen its presence in India, Bosch said it plans to invest Rs 650 crore (over 100 million euros) in 2015.

During the nearly two-hour long visit, the two leaders, accompanied by a high-level German delegation, walked through the Bosch Innovation Center and the vocational training centre, enquiring about the company's research, engineering, and vocational education activities in India.

"Readying the ground force for 'Make in India'," Ministry of External Affairs Spokesman Vikas Swarup tweeted as the two leaders went through the facility, where they were gifted the "lion", the logo of the 'Make in India' campaign.

"Preparing the next generation of technicians. Making the vision of Skill India a reality," Swarup said in his tweets during the visit of the two leaders, as they were briefed on on "Industrie 4.0 to Big Data" on solutions developed at Bosch India.

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The move is expected to give Domino's an edge over rival pizza brands and QSR chains, but some experts warned that it may prove to be a tough promise to live up to and raised concern that it would put unnecessary pressure on delivery boys.